GM ranked worst automaker by US suppliers: survey
DETROIT, May 12 : General Motors Co , already locked in a public relations crisis because of a deadly ignition defect that has triggered the recall of 2.6 million vehicles, has a new perception problem on its hands. The US company is now considered the worst big automaker to deal with, according to a new survey of top suppliers to the car industry in the United States. The annual survey, conducted by the automotive consultant group Planning Perspectives Inc, asks the industry's biggest suppliers to rate their relationships with the six automakers that account for more than 85 per cent of all light vehicle sales in the United States. — REUTERS
Dollar stable in Asia after surging on ECB talks
TOKYO, May 12: The dollar was almost flat in Asian trade Monday, holding on to last week's gains against the euro after Mario Draghi said the European Central Bank was ready to ease monetary policy soon. The dollar fetched 101.96 yen in late morning trade in Tokyo, up slightly from 101.83 yen in New York Friday. The euro was quoted at $1.3756 and 140.26 yen, against $1.3758 and 140.10 yen. On Monday, traders are watching a speech by ECB vice president Vitor Constancio, among others "to see what kind of options are considered" inside the ECB, Shinichiro Kadota, a currency analyst at Barclays, said in a note to clients. — AFP
Japan's Sharp returns to full-year profit
TOKYO, May 12 : Struggling Japanese electronics maker Sharp said Monday it had swung back to profit for the full year to March after two years of huge losses, thanks to stronger sales and cost-cutting. The Osaka-based company booked an 11.56 billion yen ($114 million) net profit in the 12-month period, reversing an eye-watering net loss of 545.35 billion yen a year earlier. Sales jumped 18.1 per cent to 2.93 trillion yen on brisk demand for panels, including its popular "IGZO" displays for smartphones. — AFP
Hitachi posts 51.1per cent profit jump
TOKYO, May 12: Japan's Hitachi said Monday group net profit surged 51.1 per cent in the full year to March, thanks to improved sales in information systems and its social infrastructure business. Net profit soared to 264.98 billion yen ($2.60 billion), the electronics and machinery maker said. Operating profit rose 26.3 per cent to 532.81 billion yen on sales of 9.62 trillion yen, a rise of 6.4 per cent from a year earlier. — AFP
Tough bank rules could spur shadow banking: Nowotny
VIENNA, May 12 : Stepped-up supervision of the banking sector could drive some risky activity into the shadow banking sector, European Central Bank policymaker Ewald Nowotny said on Monday. "There is a danger that intensified regulation in the banking sector might cause important and risky business activities to be shifted into less regulated areas such as shadow banking entities," he said in remarks prepared for a conference on banking union. — REUTERS
